Ecn 211 2025 - Study guides, Class notes & Summaries

ECN 211 EXAM 2 ASU | Questions and Correct Answers | Latest Update 2024/2025 GDP is - Answer -value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - Answer -Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - Answer -exports minus imports CPI is used to - Answer -monitor changes in the cost of living over time Inflation rate - Answer -p...

ECN 211 ASU Final Exam Marburger | Questions and Correct Answers | Latest Update 2024/2025 The Circular Flow Diagram - Answer -Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - Answer -The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - Answer -the economy can produce more of everything Opportunity Cost - An...

ECN 211 Final Exam Terms | Questions and Correct Answers | Latest Update 2024/2025 Demand-Pull Inflation - Answer -increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand Cost-Push Inflation - Answer -increases in the price level (inflation)resulting from an increase in resource costs (for example, raw material prices) and hence in per unit production costs; inflation caused by reduct...

ECN 211 Exam 3 ASU Hill | Questions and Correct Answers | Latest Update 2024/2025 What is a recession? - Answer -economic contraction; two straight quarters of negative GDP growth What is a boom? - Answer -economic expansion; boom length does not predict a recession What are the characteristics of a good economy? - Answer -lots of job openings, firms are raising wages to attract workers, asset values are rising, consumers borrow and spend money freely What are the characteristics of a...

ECN 211 Exam 1 | Questions and Correct Answers | Latest Update 2024/2025 Economics - Answer -the study of how society manages its scarce resources Macroeconomics - Answer -the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) Microeconomics - Answer -the study of how households and firms make decisions and how they interact in markets Mixed Economies - Answer -a system with free markets, but with some gov...

ECN 211 - Exam 1 | Questions and Correct Answers | Latest Update 2024/2025 Utility - Answer -Pleasure or satisfaction obtained from consuming a good or service Economizing Problem - Answer -Wants exceed means Economizing Problem - Answer -Limited resources vs. unlimited wants Individuals Economizing Problem - Answer -Budget Line Society's Economizing Problem - Answer -Production Possibilities Frontier (PPF): Factors of production - Answer -the resources the economy uses to produce ...